Shares of Novo Nordisk fell 13.8% to $50.83 after releasing weak sales forecasts for 2026[1]. The company expects sales to decline by 5% to 13% due to intensifying competition in the obesity drug market[1][2]. This forecast is worse than the expectations of analysts, who predicted a decrease of 2%[1]. In the fourth quarter, operating profit fell 14% to DKK 31.7 billion, slightly beating estimates of DKK 31.2 billion[1]. Adjusted 2026 sales growth excluding 340B reserve reversal revenue will reach -5% to -13% by CER, while 2025 sales are up 10%[2]. The lower forecast is related to lower prices from the "Most Favored Nations" agreement in the US, the expiration of the semaglutide patent in some markets and competition[2]. The news also affected the shares of competitors such as Eli Lilly, which fell by 3.4%[1]. Novo Nordisk shares are down about 42% in 2025[1].